Downtown Redevelopment Funding
Summary
New Albany’s city council is deciding whether to use public money to turn the historic Elsby building into a boutique hotel. It’s a downtown redevelopment bet—and a direct question about how your tax dollars are spent and what risk the city takes on.
At a glance
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Impact analysis
The council is weighing whether taxpayer money should back the Elsby building hotel conversion, so the real question is whether the public gets enough return to justify the risk.
Downtown boosters, the developer and future hotel operator, and nearby shops and restaurants that could get more foot traffic would likely benefit.
Taxpayers could be on the hook if the hotel underperforms, and existing lodging businesses may face new competition.
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